This morning's ISM Non Manufacturing came in quite decent at 53.3 vs 52.7 in July and expectations at
50.5 51?ish. New orders rose, employment fell (to the lowest level since September 2010, showing QE2 did wonders in creating jobs), and strangely prices rocketed up 7.7 points. This has helped stabilize the market to some degree it appears.
Full report here.
WHAT RESPONDENTS ARE SAYING ...
- Overall prices paid are increasing, while sales are still slightly behind projections. (Public Administration)
- This month we have seen a downward trend in sales activities due to weather and economic conditions. (Construction)
- Customer traffic is trending lower, but spending per person continues to increase. Labor cost savings realized through attrition, as fewer replacements are hired. The outlook for the remainder of 2011 is cautiously optimistic, with increased investment in marketing. 'Sticky prices' are keeping operating expenses elevated even as commodity supply eases. (Arts, Entertainment & Recreation)
- We had a good first half. Starting to see inflation in many of our input costs. Consumer demand is flat. (Agriculture, Forestry, Fishing & Hunting)
- Business is holding, but looking weaker toward fourth quarter. (Professional, Scientific & Technical Services)
- Business climate uncertainty is increasing. (Management of Companies & Support Services)
|ISM NON-MANUFACTURING SURVEY RESULTS AT A GLANCE|
COMPARISON OF ISM NON-MANUFACTURING AND ISM MANUFACTURING SURVEYS*
|Backlog of Orders||47.5||44.0||+3.5||Contracting||Slower||3||46.0||45.0||+1.0|
|New Export Orders||56.5||49.0||+7.5||Growing||From Contracting||1||50.5||54.0||-3.5|
|Inventory Sentiment||56.0||59.5||-3.5||Too High||Slower||171||N/A||N/A||N/A|
* Non-Manufacturing ISM Rep